BY BAMIDELE FAMOOFO
The average retail price paid by consumers for premium motor spirit (Petrol) increased to N166.40 in January 2022 from N164.09 in January 2021 indicating 1.41% increase on year-on-year.
On month-on-month, the average retail price increased from N165.76 in December 2021 to N166.40 in January 2022, showing an increase of 0.38%. States with the highest average retail price of premium motor spirit (Petrol) were Abia with N177.33, Kebbi with N176.11 and Cross River with N172.38.
On the other hand, states with the lowest average retail price of premium motor spirit (Petrol) were Borno, Adamawa and Lagos with N155.81, N159.88 and N163.26 respectively. Likewise, the highest average retail price was recorded in the South-East zone with N170.48 while the North-East had the least with N162.62.
On the flipside, average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 28.12% on a year-on-year from N224.86 per litre in January 2021 to N288.09 per litre in January 2022. On a month-on-month, the average retail price of Diesel stood at N288.09 per litre in January 2022 indicating a decline of 0.44% from N289.37 in December 2021.
Looking at the state variations of average retail prices, the top three states with the highest average price per litre in January 2022 were Ebonyi, Edo and Osun with N343.00, N331.64, and N328.89 respectively. Also, the states with the lowest average prices per litre were Yobe, Kano and Sokoto with N216.67, N224.29, and N225.73 respectively. The zonal distribution of average retail prices shows that South-East has the highest with N317.45 followed by South-West and South-South with N314.25 and N303.05 respectively while the zone with the lowest average retail price was the North-West with N243.62.
